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Sunday, November 28, 2004
Market Recap
As expected, with the shortened trading day on Friday there was little activity in the markets. Volume was very low, and the major indices traded in a very tight range. The Dow finished up 1 point, the Nasdaq was down less than 1 point, and the S&P was up less than 1 point. You can see by the action why many people took the day off. I believe this low volume should be short lived. The volume should pick back up on Monday and remain strong for the rest of the year. The charts indicate the bull is likely to stick around at least until the end of the year.
I hope everyone had a wonderful Thanksgiving holiday weekend and were able to take advantage of the long weekend to spend time with your families and friends. The markets were closed on Thursday and there was only a half session on Friday, so this was a good time to take a nice long break from stock trading and make good use of the time given to us. We have a lot to be thankful for during this time of year. Many traders have become financially independent, leaving behind Corporate America to trade full time. Many others are working hard towards this goal and hopefully 2005 will be their breakthrough year.
Setting Goals
We have talked about setting goals in previous commentaries before. It is a good topic, particularly during the holiday season. It is hard to get anywhere in life without setting goals. If you stumble into some luck and do get somewhere, you will not know it or appreciate it because it was not planned. Goals keep us motivated and driving forward. We always need to think about our goals and keep striving to accomplishment them. We are heading into the traditional season of goal setting. With a new year rapidly approaching, many of us will be thinking of a New Year's Resolution. If you have a goal in mind, remember to stay focused on the goal until it is achieved.
Some have made their goals public and posted them to our message board as sort of a call to justice. I encourage everyone to set a goal for 2005. When we first started this service, we encouraged people to set a goal of financial freedom - a goal of one day being able to fire their boss and trade for a living. We are sticking with those goals and hope that 2005 will put many of our members in a position to stop working for a living and let their money do the working for them if they choose to do so. 2004 has not been a year to use the stock market as the vehicle to discover your financial independence. However, I think 2005 will be a much better year for the stock market. The indices are set up for a big advance and this will be the beginning of a new bull market. In fact, I think the bull has already begun to run. This is the time to set your goals and be ready to act on them. Use this new bull market to improve your life financially.
Once you obtain this goal for you and your family, you will be forever changed. You will see life in a whole new way. The freedom and peace of mind it brings with it. You learn what it means to give because you will be able to give like you never gave before. Once you discover the gift of giving, you will be touched forever by the very people you have helped. The reward you receive from your generosity is more than you can imagine. Not that we should give just so that we may receive but when you give from the heart it has a way of coming back to you in many ways.
What does this have to do with stock trading? It is more of a general lesson in life, but it does have some merit in our stock trading. For example, if you have a stock you think is ready to take off, post it to our message board along with your technical analysis. Members are looking for movers every day and for every stock you post, there will be ten other stocks posted to the board for you to look at. You shared a stock, you gave to others and others will give to you. Together we will prosper; it is a win-win situation for everyone. With all of us working together and improving our TA skills everyday, we can not lose. Freedom is a beautiful feeling and I want everyone to find the same freedom, peace and happiness I feel in my life.
We all have a lot to be thankful for, and this is the season to reflect and to grow. During this time of Thanksgiving, many of us will be reflecting on the things in life that matter most to us and things that we are most thankful for. I am thankful for my family, my health, my friends, my faith, our wonderful staff at TWPD (Trudi, Mike T., Joe, Mike S.), and all of our members. You are what make this service so good and I enjoy every minute I am able to join together with you each day on our message board and trade for a living. God bless all of my friends at TWPD.
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